Quote:
Originally Posted by PMdave
yup it's the bank processing the atm that decides the exchange rates
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Well the 'bank' doesn't actually decide anything - the bank just tells them what the person withdrew. The bank processing the withdrawal decides the transaction fee - but they cannot decide the exchange rate. The bank of the issuing card decides the rate for the day.
The Epass fees are:
ATM Via Physical/Plastic Card: US$2.00 (as per their site)
Example:
I withdrew $300.00 but now they are making it SEEM like the BANK is charging the proposterous amount. In fact, my bank is selling US at 1.015 So $300 + $1.50 for withdrawals from foreign cards = $ 301.50 x 1.01535 = $ 306.13 = it's a heck of a far cry from this:
Visa 28 Sep 2007 MYBANK*** $-310.48 $-312.48
Just FYI - normally the amount withdrawn from the bank is what is shown in the first column - and the AMOUNT + FEES + EXCHANGE RATE is on the second column. It's now changed. They've also removed the currency you withdraw in, next to the amount withdrawn (if you are withdrawing from a canadian bank - you would see CAD next to the amount withdrawn in Canadian) Now it's not there anymore.
There's an additional $4.35 USD being taken *from what they are making it seem like it's coming from my bank**
I think their issues this week was because they had to prepare for the falling US dollar. They are taking an extra .025% per transaction it seems. I also think it's the going rate between the buy and sell exchanges. (example: the difference between the buying rate & selling rate is .034% or points)
Also - the Canadian bank requests the amount - it's Epassporte's (St.Kitts-Nevis-Anguilla National Bank Ltd - International Visa Center) that determines the exchange they will charge you. They have to payout the foreign bank in the foreign banks currency & it depends on their reserve in that currency and the cost to buy that currency today that will determine the rate.
Sorry for the long post... hehehe